The new bill proposes to speed up both recoveries and restructuring procedures.It gives a hard deadline of 180 days to decide the fate of an ailing firm and an extra 90 days if the creditors so wish it.Bankruptcy law can improve ease of doing business.
It provides for setting up of an Insolvency and Bankruptcy Board of India which will regulate professionals, agencies and information utilities engaged in the resolution of insolvencies of companies, as well as partnership firms and individuals, as reported by news agencies.
